Money

GTBank Parent Company Records Over N214bn Profit in 2022, but Government Tax Cut It Down by 23.45 Percent

Saturday, April 15, 2023 at 9:06 PM by Dave Ibemere

Guaranty Trust Holding Company Plc has reported a profit before tax of over N214 billion in 2022
Its numbers was however cut down because of a huge mandatory government tax
The CEO has promised innovation and service excellence to achieve their vision of leading financial services in Africa

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Guaranty Trust Holding Company Plc, the parent company of Guaranty Trust Bank has reported a profit before tax (PBT) of N214.2 billion in its Financial Statements for the year ended December 31, 2022.

However, the figure represented a 3.3 percent decline from the N221.5 billion posted in the corresponding year ended December 2021.

After paying an income tax of N44.98 billion to the government, GTCO was left with a real profit of N169.17 billion.

Guaranty Trust Bank — GTB records over N200bn profit Photo credit: @GTB
Source: Facebook

Key Financial Highlights from the Statements

Gross earnings increased by 20.4% to N539.2 billion
Net interest income grew to N259.3 billion, up 17.5% from the previous year
N12 billion was set aside to cover potential defaults from borrowers, a 40.5% increase from the previous year
Net fee and commission rose by 18% to N77.5 billion
Other income climbed to N82.9 billion from N77.1 billion
Other operating expenses increased by over one-third to N126.4 billion
Dividend payment N2.80 per share to shareholders

GTCO CEO speaks

Punch reports that the Group Chief Executive Officer of GTCO Plc, Segun Agbaje in its reaction to the financial statement said:

"Our results underscores, the company strong business fundamentals and unwavering commitment to sound business strategies."

He further stated that 2022 was quite significant for the Group, being the first year after its corporate restructuring into a financial holding company in August 2021.

Agbaje added:

"Today, across our banking, payment, funds management, and pension businesses, we have successfully built a robust ecosystem with immense potential to deepen our addressable market and create more value for all our stakeholders.

"We will continue to prioritise innovation, service excellence, and execute seamlessly towards achieving our vision of leading financial services in Africa."

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